Private Equity 3 Days

Last updated: May 12, 2026, 11:30 PM ET

Deal Activity and Market Structure

Global private equity deal volume remained subdued in Q1 despite an increase in overall transaction value, reflecting a preference for larger, more established targets amid ongoing market uncertainty, though pockets of stress persist in the mid-market sector. This trend toward larger deals is evidenced by the high-value sales, such as Gen Nx360 exiting Precision Aviation Group for over $2bn, contrasting with lower overall completion rates. In terms of capital formation, Secondaries volumes have stuttered as market uncertainty prompts caution, though managers are actively seeking ways to deploy capital, including through continuation vehicles, as seen with Verdane closing a €635 million multi-asset CV and Coller emerging as sole lead on another Verdane vehicle exceeding €600m.

Major Transactions and Exits

The technology and digital marketplace sectors saw considerable M&A activity, with Blackstone agreeing to acquire the Greek marketplace Skroutz from CVC, extending its bet on European digital platforms. Elsewhere, KKR executed a successful real estate exit in Copenhagen, selling a 213-unit residential portfolio to Pears Global Real Estate, an asset acquired in 2021. In platform consolidation, Green Arrow Capital’s acquisition of DeA Capital established Italy’s largest alternative investment manager, boasting €8 billion in assets under management, while Apollo acquired waste management firm Noble Environmental to bolster its infrastructure footprint.

Sector-Specific Acquisitions and Platform Building

The industrial and services sectors were active targets for bolt-on acquisitions, aiming to build scale. For instance, E2p-backed Roskam Foods expanded its food manufacturing base by purchasing Kitchen Partners, a Michigan-based producer of frozen breakfast items and custom ingredients. In specialized services, Altaline and Haven launched the Ascend Safety Collective for elevator services, adding industry veterans to the board, while Bridgepoint-backed NMi Group moved to acquire testing laboratory TechnoLab. Furthermore, the healthcare space saw further integration, with a PE-backed Chartis subsidiary acquiring pharmacy PayerAlly, and Five Arrows-backed BioPhorum scooping up biopharma consultant PharmaX Solutions.

Investor Focus on AI and Frontier Tech

Private equity and venture capital firms are aggressively underwriting the next wave of technology, particularly artificial intelligence, leading to massive capital raises and strategic partnerships. A consortium including TPG, Brookfield, Advent, and Bain Capital backed OpenAI’s deployment joint venture valued over $4bn to scale enterprise AI adoption. Separately, Blackstone, Hellman & Friedman, and Goldman Sachs are nearing a $1.5bn AI joint venture with Anthropic, even as Anthropic sternly warned investors against unauthorized secondary share sales. In the quantum computing sphere, while there is concern over the looming energy demands and talent crunch, early-stage funding continues, with quantum software firm Algorithmiq raising €18m and relocating to Italy.

Fundraising Milestones and Capital Formation

Capital raising continues across various strategies, albeit with specific sector focus. Kevin Hartz’s generalist firm Aclosed its third fund at $450M, deploying average checks between $3 million, while PSG eyes a €3.4bn final close for its latest European software fund. On the institutional side, the Qatar Investment Authority committed an additional $500m to General Atlantic’s growth equity strategies, deepening a key sovereign wealth partnership. Meanwhile, firms are making key personnel moves to bolster capital formation, such as Mako recruiting Vanessa Gabela to head investor relations, and Pantheon hiring a senior TMT investor from CVC for its GP-led secondaries push.

Geographic and Sectoral Conference Activity

The private equity community is preparing for several major regional gatherings signaling future deal flow intentions. Key events include Switzerland's Largest Private Equity Conference returning to Zurich this June, while CEE's largest conference is scheduled for Warsaw in May. These meetings occur as European dealmakers look toward regulatory clarity, with a draft European merger guideline viewed as broadly positive for PE deals. Furthermore, there is increasing focus on specialized sectors; Dynasty Equity’s CEO noted how technology is finally aligning business models with the high passion for sports assets, having invested in entities like Liverpool FC.

Strategic Hires and Operational Focus

Firms are strengthening operational capabilities through strategic hires focused on sector expertise and business development. Shore Capital appointed an executive operating partner to build out an industrial automation distribution platform, while Bridge Growth Partners tapped a former Thomson Reuters executive as an executive partner. In deal sourcing, Calera Capital appointed a new head of business development from Valspring Capital. These appointments underscore a shift toward specialized execution, which Bridge Growth Partners' Alok Singh noted is necessary for CVs, especially as deal volumes decline.

Alternative Investment Strategies and Secondaries

The secondaries market is experiencing friction, particularly concerning software assets where the outlook is bifurcated—some companies will benefit from AI, while others face obsolescence. Despite general caution, large institutional players are expanding access to private markets. Ardian broadened the distribution of its evergreen private markets strategies by partnering with platforms like Allfunds and Euroclear to reach a wider wealth channel audience. For investors seeking transparency, firms like Scientific Infra & Private Assets are emphasizing the importance of asset-level data to accurately measure alpha generation in private markets.